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Sunrise Zinc Ltd.

BSE: 531345 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE541D01019
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Sunrise Zinc Ltd. (SUNRISEZINC) - Auditors Report

Company auditors report

SUNRISE ZINC LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members of Sunrise Zinc Limited We have audited the attached Balance Sheet of SUNRISE ZINC LIMITED, as at 31st March, 2011 and its Profit and Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidences supporting the amounts and disclosures in the financial statements. An audit assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: (i) The accumulated losses of the company have exceeded its paid up capital and reserves, besides the activities of the Company has remained closed from 23rd November, 2007 as per directions passed by the Hon. High Court and hence the going concern status is uncertain. (ii) Secured Loans are not confirmed as they are under litigation. (iii) We further report that considering the items mentioned in paragraph ii, the impact on the financial position of the Company could not be ascertained. (iv) The company has not made provisions in its accounts for interest, both simple and compound. Since, the State Bank of India has taken possession of the Company's properties under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as per the letter dated 03.10.2008. (v) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; (vi) In our opinion, proper books of account as required by law have been kept by the company as far as appears from our examination of those books. (vii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement debit with by this report are in agreement with the books of account; (viii) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (ix) On the basis of written representations received from the Directors, as on 31st March 2009, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (x) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon attached thereto, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; (a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011; (b) In the case of the Profit and Loss Account, of the Loss for the year ended on the that date; and (c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Pradeep Kulkarni & Associates Chartered Accountants Firm Registration No 129204W Pradeep Kulkarni Proprietor M.No. 074633 Place: Margao-Goa Date : 15/07/2011. ANNEXURE TO AUDITOR'S REPORT Re: SUNRISE ZINC LIMITED; Referred to in paragraph 3 of our report of even date. i) Since the possession of company's fixed assets was taken over by State Bank of India for non-payment of secured loans and hence the going concern status of the company is uncertain the question of physical verification does not arise. ii) Since the possession of company's fixed assets was taken over by State Bank of India for non-payment of secured loans and the question of verification of stocks etc does not arise. iii)(a) According to the information and explanation given to us the company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of claims: 4(iii) (b), 4(iii) (c) and 4(iii) (d) of the order are not applicable to the company. (b) According to the information and explanation give to us the company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (f) and 4(iii) (g) of the order are not applicable to the Company. iv) In our opinion and according to the information and explanations given to us, the Company has been order to stop its production activity in the year 2007 by Hon. High Court Judge. Hence we cannot comment on the same. v) (a) According to the information and explanations given to us, there are no transactions made in pursuance of contracts and agreements with parties covered in the Register maintained under section 301 of the Companies Act, 1956. (b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts and agreements with parties covered in the Register maintained under section 301 of the Companies Act, 1956. vi) Since the Company has not accepted any deposits from the public, the provisions of clause 4(vi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the company. vii) As informed to us, there is no formal internal audit system as there was no commercial activity during the year. viii) The Central Government has not prescribed the maintenance of the cost records by the Company under section 209(1)(d) of the Companies Act, 1956 for any of its products as informed by the management. ix) (a) As per the information provided and explanation given to us, the company has no undisputed amounts payable in respect of Wealth tax, Sales Tax, VAT Act, Income tax, Excise Duty, Custom Duty which were outstanding as at 31st March, 2011, for a period exceeding six months from the date they become payable. (b) According to the information and explanations given to us, there are no dues of Sales Tax, VAT Act, Income Tax, Excise Duty, Custom Duty, Wealth Tax and Cess, which have not been deposited on account of any dispute. x) The Company is in existence for more than five years and due to accumulated losses, the net worth of the company has been negative. The Company has been declared sick by BIFR under SICA. The Company has incurred cash losses during the period under the audit and in the immediate preceding year. xi) In our opinion and according to the information and explanations given to us, the company's fixed assets and inventories is taken over by the State Bank of India for delay in repayment of dues to bank. Hence we cannot comment on the repayment of balance amounts. xii) In our opinion, the company has maintained adequate records where the Company has granted loans and advances on the basis of security by way of pledge of shares, debentures and securities. xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund / society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable. xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable. xv) In our opinion, the terms and conditions on which the company has given guarantees for loans taken by other from banks or financial institutions are not prejudicial to the interest of the company. xvi) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. xvii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act hence clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable. xviii) Since no debentures are issued by the Company the provisions of clause 4(xix) of the Companies (Auditor's Report) Order, 2003 are not applicable. xix) Since no money has been raised by the Company during the year by public issue the provisions of clause 4(xx) of the Companies (Auditor's Report) Order, 2003 are not applicable. xx) According to the information and explanations given to us, no fund on or by the company has been noticed or reported during the course of our audit. For Pradeep Kulkarni & Associates Chartered Accountants Firm Registration No 129204W Pradeep Kulkarni Proprietor M.No. 074633 Place: Margao-Goa Date : 15/07/2011.